Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global fibrin sealants market stood at US$ 1.04 billion in 2021, and the global market is projected to reach US$ 2 billion in 2031. Global fibrin sealants market is anticipated to expand at a CAGR of 6.7% between 2021 and 2031.
The global fibrin sealant market is transforming profoundly, primarily propelled by the growing prevalence of critical surgical procedures and traumatic injuries. Recent technological and product innovations have paved the way for the creation of biocompatible sealants, marking a significant breakthrough in surgical care. These advanced sealants not only effectively manage hemostasis but also facilitate the natural movement of tissues, thereby avoiding any hindrance to organ functionality.
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The continuous evolution of hemostasis technology is driving further advancements in fibrin sealants. The progress holds promise for the market's future growth, enabling surgeons to achieve precise and reliable tissue sealing, promoting quicker patient recovery and reduced post-operative complications.
The escalating incidence of chronic diseases is also expected to contribute to the expanding demand for fibrin sealants. As these diseases often necessitate surgical intervention, fibrin sealants enhance patient outcomes and ensure optimal wound healing.
The global fibrin sealant market is on a trajectory of substantial growth, supported by technological innovations, increased adoption in critical surgeries, and the rising burden of chronic illnesses. These factors collectively underscore the pivotal role of fibrin sealants in modern surgical procedures and healthcare management.
Key Takeaways of Market Report
- Global fibrin sealants market to generate absolute dollar opportunity worth US$ 2 billion until 2031.
- Global fibrin sealants market is valued at US$ 1.04 billion in 2021.
- The market value of the global fibrin sealants market management from 2018 to 2022 is 6.2%.
- North America is forecasted to hold a market share of 27.8%.
- Europe is expected to have a value share of 16.9%.
Global Fibrin Sealants Market: Growth Drivers
- Fibrin sealants have been widely applied in various surgical disciplines, including cardiovascular, thoracic, neurosurgery, plastic, reconstructive, and dental surgery. Their versatile use is attributed to their significant impact on surgical outcomes.
- By expediting hemostasis, reducing blood loss, and mitigating complications, fibrin sealants play a pivotal role in enhancing the success of surgical procedures. These benefits have made them an indispensable tool in surgeons' armamentarium across diverse specialties.
- Electrosurgical devices have gained prominence in analyzing and sealing vascular structures in the realm of surgical instruments. However, topical hemostatic agents such as fibrin sealants come into play when traditional methods like suturing or electrosurgery may not be effective. They are invaluable for controlling bleeding from surfaces or cavities that are otherwise unresponsive to conventional techniques.
- Fibrin sealants complement instruments like the argon plasma coagulator, providing surgeons with a comprehensive approach to managing hemostasis and tissue sealing in complex surgical scenarios. With increasing surgical procedures and a rising patient population with blood-related disorders like hemophilia, the global fibrin sealants market is poised for substantial growth soon.
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Global Fibrin Sealants Market: Regional Landscape
- The global fibrin sealants market is experiencing growth due to heightened awareness of medical treatments, improved literacy rates, and increased adoption of efficient surgical products.
- The government and organizational efforts to disseminate information on chronic diseases and their treatments are expected to lead to more patients shortly. Notably, North America is anticipated to dominate a significant share of this expanding market with its aging population.
- Europe boasts a well-developed healthcare infrastructure, which includes state-of-the-art surgical facilities and a skilled medical workforce. The infrastructure supports the utilization of fibrin sealants in various surgical procedures.
- Europe has stringent regulatory standards for medical products, ensuring the safety and efficacy of fibrin sealants. This regulatory framework instills confidence in both healthcare professionals and patients.
Global Fibrin Sealants Market: Key Players
The global industry is highly competitive and stagnant due to the presence of several international and regional fibrin sealant manufacturers. Investment in Research and Development activities will likely offer emerging opportunities in the fibrin sealants market. Some of the developments are:
- Baxter International Inc., a leading global MedTech company, announced a comprehensive strategic roadmap to enhance its operational effectiveness, drive toward improved long-term performance, accelerate innovation, and create additional value for all stakeholders.
- Pfizer highlights a continued focus on COVID-19 and AI and data to speed oncology drug development.
Global Fibrin Sealants Market: Segmentation
Dosage Form
- Liquid
- Patch
- Powder
Indication
- General Surgery
- Cardiovascular Surgery
- Wound Management
- Orthopedic Surgery
- Others
End User
- Hospitals
- Ambulatory Surgical Centers
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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